Gray Media Inc. (NYSE:GTN) Given Consensus Recommendation of “Hold” by Brokerages
by Kim Johansen · The Markets DailyGray Media Inc. (NYSE:GTN – Get Free Report) has been given a consensus recommendation of “Hold” by the six brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $8.1250.
Several research firms have recently issued reports on GTN. Wall Street Zen upgraded shares of Gray Media from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Benchmark lifted their target price on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Barrington Research reissued an “outperform” rating and set a $6.50 target price on shares of Gray Media in a research report on Tuesday, March 3rd. Guggenheim upped their price target on shares of Gray Media from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Finally, Zacks Research cut shares of Gray Media from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th.
Institutional Trading of Gray Media
A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTN. Goldman Sachs Group Inc. increased its holdings in shares of Gray Media by 55.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock valued at $13,932,000 after purchasing an additional 1,025,133 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Gray Media by 23.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after purchasing an additional 994,474 shares during the period. Penn Capital Management Company LLC lifted its holdings in shares of Gray Media by 43.6% during the third quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock worth $18,758,000 after purchasing an additional 983,415 shares during the period. DSC Meridian Capital LP purchased a new stake in Gray Media in the third quarter valued at approximately $5,432,000. Finally, AQR Capital Management LLC boosted its position in Gray Media by 76.6% in the second quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock valued at $6,169,000 after buying an additional 590,704 shares during the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.
Gray Media Stock Down 0.6%
Shares of Gray Media stock traded down $0.03 during trading on Friday, reaching $4.61. The company’s stock had a trading volume of 79,657 shares, compared to its average volume of 1,428,800. Gray Media has a 1-year low of $3.13 and a 1-year high of $6.30. The company has a 50-day simple moving average of $4.74 and a two-hundred day simple moving average of $4.91. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 2.66. The company has a market cap of $478.84 million, a price-to-earnings ratio of -3.24 and a beta of 0.85.
Gray Media (NYSE:GTN – Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The company had revenue of $792.00 million for the quarter, compared to analyst estimates of $780.50 million. During the same period in the prior year, the company posted $1.59 EPS. The firm’s quarterly revenue was down 24.2% compared to the same quarter last year. As a group, equities analysts forecast that Gray Media will post 3.32 earnings per share for the current year.
Gray Media Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend is Friday, March 13th. Gray Media’s dividend payout ratio is presently -22.54%.
About Gray Media
Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.
Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.